Where do I start… I want to share a stupid tax — and a lesson on partners and structure. When we first started, it was simple. Two guys excited about building something. We didn’t overthink it. We didn’t get deep into structure. It was just, “Let’s be 50/50 partners and start sourcing deals.” Then we found our first apartment complex. He made the initial contact. From there, I underwrote the deal, negotiated it, structured it, financed it, and signed on the loan. I told him clearly, “I’ll front the cash to get us started. I’ll carry the financing for now. You operate it. Once we refinance, I’ll bring you in on the loan.” That was the understanding. At first, he made a few phone calls and sat in on some conversations with property management. It felt like progress. But when it came time to actually show up — to go to the property, inspect units, oversee contractors, walk the site, and handle real operations — it faded fast. Within three months of closing, I was managing the entire apartment complex myself. And instead of slowing down and fixing the structure, I compounded the mistake. Two months after buying the apartments — right before I fully stepped in to take over operations — another opportunity came up. A construction company was for sale. I saw the upside. I believed in the growth. And part of my stupid tax? I brought him into that deal too. Same pattern. Minimal operational involvement. Friction with the existing operator. Headaches that I had to step in and resolve. Before long, I was running an apartment complex and a construction company. Fast forward. We put over $100,000 into the apartment complex and stabilized it. It was time to refinance. That’s when reality hit. His credit score was below 600. We literally could not refinance with him on the loan. The structure had to change. He moved to 20%, and I became the majority owner and sole guarantor. Now I was responsible for everything — the acquisition, the underwriting, the financing, the guarantees, the capital improvements, the debt paydown, the operations, the refinance.